Innovative Industrial Properties, Inc. (NYSE:IIPR) real estate company focused on the regulated U.S. cannabis industry, closed the acquisition of a Maryland property comprising approximately 84,000 square feet of industrial and greenhouse space.
The purchase price for the property was $25.0 million. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Maryland Cultivation and Processing, LLC (MCP), which intends to continue to operate the property as a regulated cannabis cultivation facility.
“We are thrilled to introduce District Cannabis to our tenant roster, a company that has truly distinguished itself in Maryland for its premium product quality and focus on sustainable cultivation techniques,” stated Paul Smithers, president and CEO of IIP. “The Maryland medical cannabis market continues to see healthy growth and continued program expansion, and with the potential adoption of an adult-use cannabis program by voters this November, we see tremendous continued opportunity and growth in serving patients and customers throughout the state.”
MCP is one of 18 licensed cannabis cultivators in Maryland, focused on the cultivation of premium cannabis products under the brand District Cannabis. With the recent completion of a 48,000-square-foot greenhouse facility next to its existing 36,000-square-foot industrial building at the property, MCP is expected to significantly enhance its production capacity over the balance of 2022. In addition to its license to cultivate in Maryland, District Cannabis has one of eight cultivation licenses in Washington, D.C.
Related News
